Published September 21, 2017 | View complete press releases list |
Date: September 21, 2017
Categories: Financial Technology, technology, Transaction Banking
Keywords: Yes Bank, Digitisation
Citing digitization and poor performance, Yes Bank has cut-off about 2,500 jobs, which is a 10% of its workforce, reports Economic Times. At the end of June, the total headcount stood at 20,851.
This is the second bank after HDFC Bank, which has reduced its headcount. The bank’s total workforce came down by 6,096 during the January-March 2017 period—from 90,421 to 84,325.
“We have not replaced the staff which has moved out due to attrition and have rebalanced our capabilities due to the increase in digital transactions," Paresh Sukthankar, Deputy Managing Director at HDFC Bank had said.
Terming the cut-off process as a normal appraisal cycle, the lender told that they would continue to cut jobs to reduce redundancy and simultaneously attracting talents.
“As part of the bank's regular human capital management practices, to ensure higher productivity and improved efficiencies, the bank undertakes some performance-linked actions on a periodic basis,” Yes Bank was quoted as saying.
A recent letter by the bank's chief Rana Kapoor to senior management moved all employees by shock, which talked about increasing the branch network to 1,800 from the existing 1,020 centres.
Terming physical assets such as branches, ATMs, cards and PoS terminals as greatest threats, Kapoor wrote in an email that the expansion must be prudent and under control.
“We will invest in the agile capacity building as our branches will get leaner, meaner and fitter through specialized formats,” Kapoor was quoted as saying.
Aimed at better productivity, cost-efficiency and customer service, the bank told that their digital makeover process is currently underway.
However, the bank stated that it will be their constant effort to further digitize the bank operations.
Earlier in April, Paresh Sukthankar, deputy managing director at HDFC Bank, told Economic Times, “With a greater degree of automation in banking, lenders are increasingly turning to robots and algorithms to improve efficiencies and reduce human intervention in operations.”
Meanwhile, Yes Bank is not only the single bank that is hiving jobs. As per a Moneycontrol report, SBI too, is expected to slow hiring in this financial year.
SBI recruited 13,097 employees from April 2016 to March 2017, while 11,264 retired during that period.
According to SBI chairman Arundhati Bhattacharya, the bank will not be doing much recruitment.
Taking digitization to the next level, HDFC Bank had launched its AI-based banking chatbot Eva to answer millions of customer queries.
SBI too is testing its own Chatbot called SIA for customer queries and products.
Re-disseminated by The Asian Banker from TimesNowNews.com
Citing digitization and poor performance, Yes Bank has cut-off about 2,500 jobs, which is a 10% of its workforce, reports Economic Times. At the end of June, the total headcount stood at 20,851.
This is the second bank after HDFC Bank, which has reduced its headcount. The bank’s total workforce came down by 6,096 during the January-March 2017 period—from 90,421 to 84,325.
“We have not replaced the staff which has moved out due to attrition and have rebalanced our capabilities due to the increase in digital transactions," Paresh Sukthankar, Deputy Managing Director at HDFC Bank had said.
Terming the cut-off process as a normal appraisal cycle, the lender told that they would continue to cut jobs to reduce redundancy and simultaneously attracting talents.
“As part of the bank's regular human capital management practices, to ensure higher productivity and improved efficiencies, the bank undertakes some performance-linked actions on a periodic basis,” Yes Bank was quoted as saying.
A recent letter by the bank's chief Rana Kapoor to senior management moved all employees by shock, which talked about increasing the branch network to 1,800 from the existing 1,020 centres.
Terming physical assets such as branches, ATMs, cards and PoS terminals as greatest threats, Kapoor wrote in an email that the expansion must be prudent and under control.
“We will invest in the agile capacity building as our branches will get leaner, meaner and fitter through specialized formats,” Kapoor was quoted as saying.
Aimed at better productivity, cost-efficiency and customer service, the bank told that their digital makeover process is currently underway.
However, the bank stated that it will be their constant effort to further digitize the bank operations.
Earlier in April, Paresh Sukthankar, deputy managing director at HDFC Bank, told Economic Times, “With a greater degree of automation in banking, lenders are increasingly turning to robots and algorithms to improve efficiencies and reduce human intervention in operations.”
Meanwhile, Yes Bank is not only the single bank that is hiving jobs. As per a Moneycontrol report, SBI too, is expected to slow hiring in this financial year.
SBI recruited 13,097 employees from April 2016 to March 2017, while 11,264 retired during that period.
According to SBI chairman Arundhati Bhattacharya, the bank will not be doing much recruitment.
Taking digitization to the next level, HDFC Bank had launched its AI-based banking chatbot Eva to answer millions of customer queries.
SBI too is testing its own Chatbot called SIA for customer queries and products.
Re-disseminated by The Asian Banker from TimesNowNews.com
